What led to Cairn India's 17% jump in Q4 PAT

Moneycontrol Bureau

Cairn India has posted a 17 percent year-on-year jump in its March quarter profit to Rs 2563 crore, boosted by higher other income of Rs 222 crore.

Income from operations also grew around 20 percent YoY to Rs 4,363 crore on the back of ramp up in production from its Bhagyam field in Rajasthan.

The privately owned oil and gas company incurred a forex loss of Rs 2.8 crore as against Rs 236 crore forex gain YoY.

For FY13, the company has recorded 48 percent YoY jump in revenues to Rs 17524 crore and 56 percent YoY jump in net profit to Rs 11,606 crore as its production went up 19 percent to 205,323 barrels of oil equivalent per day (boepd).

The firm, which operates Bhagyam, Mangala and Aishwarya fields in Rajasthan, has plan to drill in excess of 450 wells in the Rajasthan block over a period of three years. It includes 100 Exploration and Appraisal (E&A) wells and the balance as development wells to sustain and enhance production volumes.

Elango P, Whole Time Director and Interim CEO of Cairn India says: "In FY2012-13 we have achieved spectacular results delivering best in class production growth and operating costs." He further said that the operating environment has also substantially improved with key approvals coming in at a faster pace that enabled us to ramp up Mangala production, bring Aishwarya field online, commence gas."

The company plans to invest around USD 3 billion through FY15-16

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